737 Grant Ave Chicago Heights, IL 60411

Property Details for 737 Grant Ave

Year built

1963

Lot size

0.50 lot acres

Property size

19,500 SF

Property type

Apartment buildings

Description

This exceptional 30-unit apartment building presents a compelling investment opportunity in the thriving Chicago Heights market. Located at 737 Grant Ave, this three-story, 19,500 square foot building sits on a half-acre lot and boasts a strong pro-forma NOI of $126,878, representing a 7.05% cap rate. The property features a mix of studio, one-bedroom, and two-bedroom units, totaling 30 units with 30 parking spaces. Significant recent upgrades exceeding $400,000 have been completed, encompassing renovations to 21 units with new flooring, appliances, lighting, updated cabinets, and bathroom vanities. Further enhancements include a new roof (2020), hallway improvements, and a repaved parking lot. The unit mix includes six studios (500 sq ft), eighteen one-bedroom/one-bath units (650 sq ft), and six two-bedroom/one-bath units (800 sq ft). An attractive feature is the availability of an assumable $760,000 loan at a fixed 4% interest rate extending to 2034. The property benefits from separately metered utilities for electricity and gas, with tenants responsible for these costs. The building owner manages water, sewer, and common area utilities. Fifteen units receive rent subsidies, ensuring reliable income. Its strategic location near major employers like Ford Motor Company's Stamping Plant and St. James Hospital, along with proximity to Bloom High School, Prairie State College, and shopping centers, guarantees consistent tenant demand. The asking price is $1,800,000 ($60,000 per unit). This property offers a blend of immediate income and significant potential for future growth through the renovation of the remaining nine units.

Location Insight

City

Chicago Heights

County

Cook

State

Illinois

Longitude

-87.6367

Latitude

41.5173